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As I Zenith investor I also sent an email to AIM regulations after reading Peter's email earlier today and have already received a reply as per the below so they are looking into it.

I have emailed Zenith also but have not yet received a response.

Petreashbeck - have you received any response from AIM regulation or the Nomad yet?

I have just received the following reply from AIM Regulation.

Thank you for your email, copied below, regarding ADM Energy plc & Cairn Financial Advisers LLP, which AIM Regulation will consider.



Kind regards,



AIM REGULATION

Anyway, in short, this is another step closer to the initial Tunisian oil production target of 1,000 bopd. The SLK deal is no longer coming with the massive slug of cash that we were all hoping for but it is still a pretty substantial amount and AC has told us that more Tunisian deals are likely to follow on shortly – presumably all to be completed in this fashion from now on.

Tunisia is producing away nicely but the big price drivers here are going to be the new Tilapia license and the massive potential of NW OML141 – both of which we should have more news on in December.

So, Zenith have finally abandoned trying to get the license transfer approved by the glacially-slow Tunisian bureaucratic system and have instead gone once again (as they did with Candax) for the quick and simple method of simply buying the subsidiary company which own the share of the license. This has resulted in the transaction going through just as easily as the Candax ones have an I would assume that the company will shortly try and do exactly the same thing with the KUFPEC 22.5%.

Obviously, changing the structure of the deal has meant that it has been somewhat renegotiated so that it is not quite as favourable to Zenith as it was back in 2020. For this reason it is a shame that Zenith did not go the “buying the ltd company” route right back in September 2020 as we would have acquired the asset for only $300,000 instead of $1,658,680 and we also would have ended up with about 67,000 barrels of oil as opposed to the 30,000 that we have done. However, it is also entirely understandable that CNPC insisted on renegotiating the deal when it changed as the increase in oil price since September 2020 is simply too big to ignore. I think that what we can assume now is that Tunisian lessons have been learned at Zenith and all Tunisian deals will be completed in this fashin from now on.

I think that the relatively muted market reaction to this news represents the fact that we were expecting the asset to have been acquired for less money and also delivering us about $5 million of stored oil. It is obviously slightly disappointing that this has not happened but on the plus side, Zenith have got the deal over the line and it is still an extremely impressive one to have completed. The 30,000 barrels of oil that have come with the deal are worth approx. $2.4 million at todays prices and the cash purchase element of the deal is only $1.7 million so we are effectively being paid $700,000 to take control of the license and plus we have 120 barrels of oil being produced every day from now on. At an opex cost of $25 per barrel then this should work out at a gross revenue of $3.4 million per year and a net of approx. $ 2,365,200.

One other point that we should not forget about our Tunisian oil production is the fact that we can only sell it a few times a year. I had often wondered why this was but it was made clear by AC in the investor call that we (and most of the other Tunisian oil producers) put our oil together to create an oil blend from the ECUMED fields and then ship it out to European refineries by tanker. So basically, we have to wait until there is enough oil to fill a tanker (approx. 2 million barrels) before it can be sold.

AGEOS, good spot with the fact that Emerald Energy Resources looks like it may be inactive. If this does mean that NHNL essentially own all of the beneficial interest in the license (though I assume that the Nigerian govt will have a share too) then this could be VERY lucrative for Zenith.

Nigeria
Tilapia
SLK
New Robanna wells.
Ezzaouia well approval
New Congo license
New Tunisia license(s)

We have a lot of news to wait for and much of it could be coming soon...

AGEOS - I am not sure you are correct on the ownership structure (but I would happy to be proved wrong) as on the NHNL website http://www.noblehillnetwork.com/index.pdf which has recently been updated they say that:

"OML 141 is a Nigerian Sole Risk Oil Block with Emerald Energy Resources Limited assigned as the Operator. The Risk Service Contract (RSC) executed provides that Noble Hill – Network Limited will be the exclusive service provider and will provide funding and develop the Northwest 105 square kilometres of OML 141"

So Emerald is definitely in there somehow. However, I must admit that I do not really know how the RSC works in Nigeria. Presumably the owner of the RSC does not have an equity ownership in the license but will be entitled to a certain percentage of the revenue from the oil that is produced after their expenses have been covered. If you have any more knowledge on this I would be grateful if you were to share.

Thanks,

MG

A really good additional point that I somehow missed has also just been made on the Norwegian board where a poster pointed out that in the ADM RNS 23rd March 2021 ADM also said that:

"NHNL has advised the Company that a previous CPR prepared by Ryder Scott (2016) has indicated P50 resources of 1.3 billion barrels of oil in place from two sand reservoir intervals (subject to the production of a new CPR)

· These reservoirs are similar to the high-quality reservoir in the Nembe Creek field which is located near the Barracuda field and has estimates of over 1 billion barrels of oil in place"

We know from Zenith’s RNS of August 31st that NW OML141 contains two discovered fields (Elepa South and Barracuda) which are “drill-ready” and that there is one prospective field that has an estimated 232.7 million barrels of oil. The also say that this has the potential to grow to more than 500 million barrels of Contingent and Prospective Resources with several TCF of prospective natural gas and condensate.

We also know that ADM said in their 18th April 2021 RNS that the first drill target (that they were aiming at when they still had the rights to the asset) was targeting production of 4,000bopd. They claimed that drilling six wells would target production of 23,000bopd and they also gave the details that the opex figure per barrel of oil in this region was $20 per barrel but this could be reduced down to $12 per barrel if the company develops a 12mk pipeline to the Brass Export Terminal. All of this can be seen at: https://www.lse.co.uk/rns/ADME/completion-of-barracuda-field-transaction-whzmetdfm0mtiqe.html

So clearly the license has great potential. Back in 2006 CNOOC bought Total’s OML-130 block which had recoverable reserves of 600 million barrels for $2.69 billion, and while the NW OML141 is not likely to yield anywhere as much as this, proving up recoverable reserves of 100 million barrels would still be worth hundreds of millions and be life-changing for Zenith and it’s investors.

We have an idea of what it will cost to get hold of a share in the RSC as ADM paid $1.3 million for what they thought was a 35% stake.

We know that there are two well-sites that are ready to go and if the funds and rig were in place then it would be possible to drill before the end of the year (but more realistically this will be in Q1 or Q2 next year).

We also know from AC’s comments in the conference call that we should expect news on this in early December

What we don’t know is:

1) How much of a share the RSC itself gives of the asset as Emerald resources are still marked down as the operator. What exactly doe the RSC give us?
2) How much money we are likely to have to put in to complete the drill.
3) Any details about the previous discovery that was made in Barracuda.
4) Any information about the CPR that ADM have supposedly been working on for the last 6 months.

Hopefully, this will be cleared up when we get the announcement that we have come to a deal with NHNL over the license. This definitely looks like it could be the “big one” that AC promised us he was aiming for in Nigeria a few conference calls ago…

Here are my thoughts on OML141 - Thanks to AGEOS for some of his previous posts which set me off in the right direction. It looks like it could be a pretty exciting asset...

NW OML141 RSC

NW OML141 RSC is the NW section of license OML141 (Oil Mining License) which is a mining oil license in Nigeria that coversn1,295 km2 in the swamp/shallow waters (depth of less than 25 meters) of the Niger Delta in Nigeria.

ONL141 has an interesting history. It started life as OPL229 (Oil Prospecting License) and 38% of this was originally “bought” by the Chinese state China Export and Credit Insurance Corporation (SINOSURE) in January 2005 who put is into a SPV called Aerd Projects Nigeria Ltd. Less than 16 months later in April 2006 they sold this to the China National Offshore Oil Corporation (CNOOC) for $60 million. They also put an $80 million loan into the projects, spent about $16 million on seismic and drilled two wells (Barracuda in April 2007 and Dila later the same year). Both wells were described by CNOOC as “significant finds” but they did not give any reserve figures.

In August 2008 CNOOC surprised the O&G industry by returning its stake in OML141 to the operator Emerald Energy Resources. When asked why they did this they would only say “There are many blocks we are working on. We move in and out -- it’s very normal. But I can’t comment on any specific block,” however subsequent events have made it clear that this was to do with fears about corruption rather than worries about the block itself. Chinese media reported in April 2008 that SINOSURE’s chief, Tang Ruoxin, was under government investigation on charges of unspecified illegal activities and in 2010 he was sentenced to 14 years in prison for taking bribes. Given that Sinosure paid $30 million for their 38% in 2005 and sold it for $60 million in 2006 you can see why CNOOC may have wanted to get rid of this asset before anyone in the Chinese govt looked too much into why they paid double for this asset and what happened to the money…

Emerald Energy Resources then got involved in a $60 million court case with Sinosure in 2018 https://www.oeclaw.co.uk/images/uploads/documents/China_Export_Judgment.pdf and then had to give back the ONL141 license to the Nigerian government in 2019 due to non-payment of fees https://africaoilgasreport.com/2019/04/farm-in-farm-out/nigerian-government-revokes-licences-of-seven-oil-blocks/ however, over this time NW ONL141 appears to have becaome a license in its own right.

NW ONM141 Zenith is the North West 105 square kilometers of OML141. This area is completely onshore in the marshland as opposed to the actual offshore area and according to their website Noble Hill Network Limited have a risk-service contract executed that means that they will be the exclusive service provider and will provide funding and develop the Northwest 105 square kilometres of OML 141.

Congo
1) Is there any update on Tilapia 2. It was originally to be drilled as Q4 2021 or Q1 2021 and it is now nearly 2 years since the deal was signed with AAOG.
I am travelling to Congo in the next 10-15 days and I will be able to report factual developments when we are face to face with the hydocarbons ministry. I am confident that there will be news before the next investor call but it is not our lack of pushing or being out of favour with the ministry. To prove this I met a journalist in which I asked why he cared so much about Zenith and he replied that Zenith are one of the few juniors who are active when the others do very little. We are trying our best and AI sees Zenith as a very effective performed in Africa.
For our size and possibilities we have achieved a great deal in the last 12-18 months and are only held back by the bureaucracies in the county. However hopefully we will have some big news before the end of the year

Nigeria
1) Clarify Nigeria announcement. There is speculation about the ownership of this asset. Is there any comment you can make?
I can only say to investors that we have never made imprecise descriptions of our situation regarding acquisitions. We have declared that OML141 NW is the object of our exclusivity agreement. The fact that this is exclusive means that nobody ekse is there and I have nothing else to add.

Where do you see the company being between now and the end of 2022?
• The conclusion of all the acquisitions that we are in the middle of – Nigeria, Congo, Tunisia.
• In these countries, the expansion of our portfolio in our countries by new acquisitions which are not yet known to the public.
• Increase our production in Tunisia by 2,000 -3,000 barrels. These are the negotiatiosn that we are handling at the moment.
• We want to find a cornerstone investor to create large capital support and give us more credibility. I am looking in the Middle East for this – this will avoid equity raising.
• Investigate new ways of funding like Islamic banks which can give soft loans
• OML141 is an incredibly attractive field and we believe that if we sign it we will be able to develop it soon after.
• We will speak again in 2022.

Capital Markets
1) When do you see the stopping of issuing placings?
I am an investor in this company and I also suffer from the dilution. If I could I would say that there would be no more dilution. However being listed in an effective equity market sometimes the best way to raise funds is equity. Nevertheless Zenith is also looking at other ways to raise fund – local banking is becoming a very strong way to raise sums such as $5 million. If we can do this via a local bank then we would avoid issuing £3million in shares. We are working hard with development banks in Africa. There are 5-6 and we are negotiating with there of them to give us funds. With oil creating cash flow then we can service this. Investors may ask why we would still raise money now but we need to have some cash to make acquisitions but we also have to wait from some of our other money to come in
In 2021 our amount of placing has been much reduced compared to 2020.
The recent placement attracted the participation of Miton and also well-respected Norwegian institutional investor and the discount was minimal.

2) Zenith drilling rig – where is it now and where is it going?
The drilling rig in being loaded in port to be sent to Africa. We are still discussing with partners in Congo whether to use it there but it is probable that it will go to Tunisian where it would have much work to do including in Ezzaouia. Also our second workover rig could be used there. It will probably go to Tunisia but there is an outside chance that it will go to Congo to drill Tilapia and maybe another license that they are looking to give us. Both rigs will definitely not go to Nigeria as they cannot work in the swamps.

3) Is there any news on the SNP court case?
We have shared data with three other victims of the bad management of SNP and Paris has very reliable courts of justice and not pro-French and we are determined to bring this case to a positive end. Courts are unpredictable but we are optimistic and committed and have a lot of proof of the money that was wasted by AAOG because of the incompetent of AAOG. We are looking forward to some positive news in April/May 2022. We have also inherited the $5.7 MILLION from the SNPC and so the two together would be approx. $10 million when we paid just £200k to acquire this.

4) How has the company planned to repay its debts due in Dec 2021?
The company already had the funds to repay this even before the capital raise.

Italy
1) Why has the company not made concrete progress in terms of increasing electricity and gas production. When will the company drill the Messorina 2 well and why is the company not doing more in Italy?
The view about Italy was (until a few moths ago) that it should be ignored.

Investor Question
Tunisia
1) A new energy minister has recently been appointed and does Zenith have a good relationship with him?
The minister is of Industry and Hydrocarbons and we have not met him yet but we are constantly communicating by the step below – the hydrocarbons section and the relation continues with the ETPA

2) What type of oil is produced from the Tunisian wells – what is the difference of pricing?
Ezzaouia – the blend is created from all the ECUMED fields. Our API is 40 thanks mostly to El Bibane. The blend is known to Mediterranean traders. We do not produce huge quantities of oil but these quantities are sufficient to fill a tanker which can then be sent to the refinery a few 100km away. The blend has been known to them for 20 years and we sell our oil directly to refinery and so this creates good liquidity

3) When does Zenith intend to sidetrack Ezzaaoui and when will ROB-3 be drilled?
The situation is very open. The govt wants to drill the Ezz sidetracks asap but it still has to go through their operating and technical committees and so we have to wait a few weeks. We have created a new management team in Tunisia with a ne manager and new technical director and a new FD. We have the ability to make decisions about our own fields rapidly and a new Robanna well should be in Jan/Feb and we just need to find a competent drilling company. The decision on El Bibane re-entry will take more time because of the costs involved ($3.5 million) we will take longer to decide. We should hear Robanna soon and we should also soon have the sanctioning for Ezzaouia. The only problem that I see is about getting two rigs and the capex involved. It is also worth noting that the long-lead items for drilling are already on location. The Candax acquisition meant we acquired a lot of rand new stock which permits us to carry our drilling quickly without having to import long-lead items.

4) Are we looking to acquire further asserts in Tunisia – rumours that Shell and ENIC are selling out because of the political situation?
We are too small to acquire Shell’s assets in Tunisia as that would require hundreds of million but there are many other sellers who are leaving the country because of the large companies being pressured by shareholders and politicians to move away from fossil fuels. This benefits Zenith as it is unthinkable that Africa and Latin Amerian will move away from fossil fuels. But these vendors will continue to sell because of other pressure and Zenith are already negotiating with other sellers in Tunisia.

Our suffering in Congo has not been without benefit We are the only junior oiler in Congo at the moment and the anti-fossil fuels campaign in the west will make mid tier companies like total abandon their smaller fields and this gives an opportunity for Zenith as the only junior OPERARTOR in the country. There are other junior participants but only an operator can be assigned a license.

The Congo process has been quite slow and we understand the anxiety and irritation of our investors as time has passed and nothing ha happened. However, this is Africa and it is slow. But we have to be patient and accept the fact that we cannot speed up the administration without antagonising the administrators. Investors have to be patient in both Tunisia and Congo. This is not because the deals are falling apart but it is just impossible to do it any faster.

Because of this Zenith have a multi-country strategy in terms of targets. We do not have a short-term view but we accept the fact that sometimes dealing in them is slow. We have been looking at Nigeria since 2015 and last year we participated in another marginal field bid. However this system has worked badly and we have lost trust in this process. Our philosophy has changed in the last 6 months and we have focused more on acquiring fields from entrepreneurs and not the government. We have eventually run onto MOL141 where we have an exclusivity agreement and we hope that after the due diligence we can get into this field. The fields is run by very serious people – two Americans and a local Nigerian. We have always said about Nigeria that it is easier to find good geology than good people on the surface but we believe we have found the good people and investors know we will be able to raise the funds necessary for this development and in December we will RNS the investors with more detail.

In Italy our assets have always been marginally profitable but recently energy (gas and oil) prices have raised as there is less investment in them (because on the anti-fossil-fuel brigade). As the world moves out of Covid prices have increased as much as 500%. Now we have announced record electricity income in our Italian companies for the last three months and the price is continuing to increase. We are trying to increase our production to enjoy these rises.

The gas to power prices also have benefits for us in Africa as we can replicate the Italian model there. Our system will allow them to have electricity provided in the provinces by wooden pole.

Ezzaouia is managed with the government which means that it is more bureaucratic and will take much more time to get a drilling program together but the new government is keen to increase the country’s oil production and we hope to get things going soon. Our plan is to do two sidetracks in Ezzaouia and our plan to do 3 workovers can get accepted in the next two weeks and then be communicated to the market. We have kept the rig that did the Robanna workover in the area and if the decision is made in December then we can start the first side-track in January.

We cam back to Tunisai in 2020 knowing that the country wanted to gain larger oil and gas production. Tunisia is in a very lucky geographical position and we have benefitted from that. It is a very small distance from Sicily which is where our oil goes for refining and Tunisia can definitely benefit from the rise in gas prices.

We are now discussing with the SLK vendors of different methods to complete the acquisition but investors should not be worried as we still have total faith that this will be completed. This will be announced when it is achieved but investors should be comforted by the fact that we are continuing negotiations for this asset..

In Tunisai there are other properties that are for sale. This is well known to local specialists and we are in negotiations to buy some other assets in Tunisa. Our interim balance sheet which we will published in a few days will show a good asset base and turnover and cash-flow.

In other African countries we have an office in Congo where we own the subsidiary of AAOG Congo. We had a ferocious battle in 2020 to retain control of the Tilapia asset and I had to stay from September to December in the Congo to negotiate this. Then finally we got the first stage of approval in December 2020. Then in January the process was performed and in February we could say that we passed the exam. Unfortunately there was then the Presidential election and then a stall in activity. However the appointment of the new minister who was not against us like the previous one was then done and so we are now completing our license and then bringing it towards signing and then having it approved by Parliament. We believe that 2022 is the year that we will finally complete the inexpensive acquisition of well 103 which only needs an additional drilling of a few hundred meters of side-track and then the completion and then the connection to the system to deliver the oil to the Jano terminal.

The Jano is a structure that was made famous by the production from ENIC and TOTAL and we are optimistic about the result we can achieve which we believe could be 5,000bopd. We can promise our investors that we will closely monitor the drill and the relationship with the drilling company and we are still in the process of appointing an company so that we avoid AAOG’s £20 million mistake.

Zenith is in a period of incredibly transformation and there are a lot of moving parts which are of interest to old investors. But for new investors I will give a quick recap of our identity.

Zenith is an O&G company that also produces electricity in Italy. It has gained a lot of experience in dealing with govts and suppliers in two continents. The issues that we face are less in the ground and more in the management of governments and contractors.

Italy - -we produce electricity

Africa – Tunisa, Congo, Nigeria

Zenith started its transformation in November 2019 when it acquired AAOG Congo. Since then we have devoted all of our energy to Africa. We are a producer that stays connected with the local communities and during the Covid period we have mainly raised capital in Oslo where we listed in November 2018. It is thanks to the support of the Norwegian investors that we have been able to raise money in 2020.

We have finally had approval for our prospectus to allow us to list all of the Oslo shares in London and vice versa which will allow us to increase the liquidity in both markets.

Tunisa

Our first Tunisian asset acquired was Sidi El Kilani which we acquired from CNPC and KUFPEC. The field has been producing for years without any artificial lifting techniques. We hope to be able to bring it back up to 1,000 bopd using artificial stimulation. These transactions have not been completed as when we were working remotely we followed the instructions of the vendor but in 2021 we visited Tunisia and started to understand how the bureaucracy worked. While we were there we were offered two companies owned by Candax which we bought straight away. These companies owned: Robanna, Ezzaouia and El Bibane. These present a variety of workover and drilling opportunities as demonstrated by our recent completion of the Robanna workover. This increase in production exceeded 100 barrels of production increase.

The same attention can be given to another opportunity by drilling ROB-3 in the same field. We have a very low price for this and we are confident that we can carry it out for this price. Also in Romana the depth is only 2,300 so we can do this with smaller rigs. This gives us the possibility of Robanna increasing in excess of 500 or more bopd from the original 20 bopd that it was producing when we bought it – this is because the reservoir is sandstone and it easy to understand. Our geophysical report also shows we have only used 4% of the total reserves. So this can be well developed at low cost.

The other 100% owned field is El Bibane which is out first offshore field in a few meters of shallow water. We are studying this with prudence because it is offshore but specifically there is one field that had a problem with the string that we hope it can be re-entered and we have conservatively forecast 600+ bopd.

Hi everyone,. Here are the notes that I made in the conference call earlier. I will go over them again and tidy up any bits I have missed once they put up the audio, but I think that they are pretty accurate anyway.

Key parts in my opinion are:

1) They hope to get SLK up to 1,000 bopd production when they take it over and they still have complete faith that this will happen soon. They are discussing different ways to complete this acquisition (I guess by buying out the limited companies similar to how they did with Candax). Despite the expiry of the longstop date they are still negotiating.
2) They expect to get 500 bopd out of Robanna when they have finished.
3) They hope to drill two sidetracks and three workovers at Ezzaouia and this will be starte in January / Feb.
4) They are currently in discussions for more Tunisian assets.
5) The Candax acquisitions gave them a lot of inventory which means that they hav all the long-lead items they need brand new and on location.
6) They hope that by the end of 2022 they will be producing an additional 2,000bopd from Tunisia.
7) The Azerbaijan rigs will probably go to Tunisia where they can be used in Ezzaouia and Robanna but there is an outside chance that they could go to Congo to drill Tilapia and th eother license that the Congolese govt may be giving us. This is TBC.
8) They hope to have big news on the Congo before the end of the year.
9) They basically said that they are negotiating for OML141 and AMD Energy will not have it.

The last point that I am unclear on is that Zenith have said that £300,000 is to ship the Azerbaijan rig to Africa - but is this Tunisian Africa or Congo Africa? It would be fascinating to know...

Overall however, I think that the positives outweigh the negatives. We are now fully funded to drill two wells; the investment community has shown confidence in the company and out biggest UK institutional investor has continued to put more money into the company even though they are significantly down on their current investment. They clearly believe that we are going to see a significant price rise in the near future, and I think that they are right.

Welll this morning’s RNS is somewhat frustrating. The positives in the RNS are that:

1) We are now fully funded for drilling Ezzaouia and targeting 1,000 bopd where 450bopd (45%) would be net to Zenith if successful.
2) We are also now fully funded to drill Rob-3 and the expected costs of this have reduced by half (down from $1.5 million to £600,000). This will be targeting 200bopd.
3) The £250,000 for getting Tilapia finalised suggests that we are pretty close to getting this done and is hopefully an indication that we will get news on this soon.
4) The £3 million raising is a fairly big raising (I believe the biggest that Zenith has ever carried out) and this does show confidence from the professional investment community that Zenith are likely to start showing a significant ROI in the near future.
5) Miton, who have been a significant shareholder in Zenith since June 2018 and had invested £733,307 prior to this raising (for a stake that is currently worth only £264,165) have invested in this round of fundraising – I assume that we should find out exactly how much they have put in when they issue a new TR1 in the next couple of days.

The negatives are obviously that:
1) Existing shareholders have just been diluted by 15%.
2) Despite the fact that we are producing 650+ barrels of oil in Tunisia at an incredibly high oil price of $80+ per barrel and that Andrea has talked in several of the investor conference calls about trying to find alternative methods of financing that do not involve equity raisings we have still had another placing.

I have to say that I am not overly bothered with the dilution as I think that once the two wells have been drilled in Ezzaouia and Robbana then we will see an impact on the share price that is significantly in excess of the 15% dilution that we are currently experiencing.

I am slightly frustrated that the production from the Tunisian assets is not yet paying for the development of the additional wells in that country. I get that there is the issue that 225 barrels of this production is from SLK which we still do not officially own but that still leaves 425 bopd which we do own and (assuming a $24 opex) this should generate a revenue to Zenith of $25,500 per day or $9 million per annum. Again, I get that it is not as simple as this as there are only certain points in the year that the Tunisian oil can be sold but I would hope that this will now be the last raising that we see for work in Tunisia and that we could come to some arrangement where the Tunisian oil output funds the work that we need to do in Tilapia. I would also like to hear from Andrea the reasons why this raising was necessary.

It is hugely frustrating that Zenith have not been able to apply the same technique that they used in acquiring Robbana and El Bibane into acquiring Sidi El Kilani and it is also extremely frustrating that the official extension for the KUFPEC extension appears to have passed. However, I do agree with what has been said on here earlier – this deal cannot have collapsed yet or the company would have been forced to release an RNS announcement. The fact that they have not done this is a sign that things are still progressing behind the scenes. Hopefully the success of the Rob-1 well has been noted by the Tunisian authorities and it is projecting Zenith as a reliable partner in the country.

Personally, I still think that we are going to acquire our share of SLK in the future but I just hope that it is the near future as an $8 million cash injection would make a huge difference to our share price.